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20130228
Search Results 0 to 21 of about 22 (some duplicates have been removed)
lew served in the clinton administration. i think he worked in the omb in the, you know, office of management of the budget. and he was one of the key players in helping pass the repeal of glass-steagall. and, you know, this is kind of the way it works. it's not a one to one, you know, obvious connection. but, you know, glass-steagall was repealed specifically to legalize the merger of citigroup. and, you know, coincidentally bob rubin, who was the treasury secretary and jack lew end up working at citigroup five, ten years later. and they make enormous amounts of money. and then they go back to government. and again, this is just sort of this merry-go-round that everybody in washington knows about. and that's the way it works. >> how do you explain president obama's attitude in this? when he was running for president, he promised the close the revolving door. and he seemed genuinely shocked at the collapse of the financial system and the banks' role in it. but he also was raking in massive campaign contributions from these very people. did those investments, did those contributi
the glass-steagall act, and president bill clinton signed the repeal. >> it was a bipartisan repeal. >> right. it's a joke. that allowed the banks to make risky bets with their depositor's money. eight years later, our financial system collapsed. it's like a joke. this is a system that creates in the private enterprise a core mechanism and a logic that makes them do the very things that need regulation and then makes them evade or undo those regulations. >> you probably saw the recent story that facebook, which made more than $1 billion in profits last year, didn't pay taxes on that profit and actually got a $429 million rebate from you and me and all those other taxpayers out there. ge, verizon, boeing, 27 other corporations made a combined $205 billion in profits between 2008 and 2011 and 26 paid no federal corporate income tax. what will ultimately happen, richard, if the big winners from capitalism opt out of participating in the strengthening, nurturing, and financial support of a fair and functioning society? >> well, the worst example i just learned about a few days ago. and
Search Results 0 to 21 of about 22 (some duplicates have been removed)